Question

Is a company liable to investors if they report inaccurate XBRL data?

Answer 1

Yes, company liable to investors in case they report inaccurate XBRL data.

•On January30, 2009, the Commission gave rules expecting organizations to give in the XBRL intuitive information position their fiscal report data.

•According to rules the filings were liable to restricted obligation inside two years of the time the filer initially is expected to submit intelligent information records.

•Anyway on October 31, 2014 the constrained risk arrangement were ends altogether.

•During the two years they will adhere to manage 406T which will be dependent upon the government protections laws in an altered methodology.

•Under new Rule 406T on the off chance that the filer presents the intuitive information document inside 2 years of the time the filer initially is expected to submit intelligent information records anyway no later than October 31, 2014.

•Decide 406T states that during the time a filer's intelligent information records are treated right now, and from that point organizations are dependent upon government protections laws.